Life insurance broker in Mississauga
Life insurance is sized to a number, and the number comes from the estate you intend to leave, not from a rule of thumb. Term, permanent and joint coverage all do different jobs, and which one fits depends on what the money is for and how long it needs to be there.
The number comes from a subtraction
The number, worked out first
What the family would need, what already exists through work or an old policy, and the difference between them. Coverage is the answer to that difference, not a starting point.
Term, permanent and joint
Different structures for different jobs: a mortgage and dependent years, versus an estate cost that arrives whenever it arrives. Which applies is a conversation about timing, not a product pitch.
What you already hold
Group coverage through an employer, old individual policies, and coverage attached to a mortgage. Reviewed before anything new is discussed, because some of it is duplicated and some of it ends when the job does.
Independent, and explained
Nothing is signed until you understand it. That is the same commitment the site makes everywhere else, and it applies most here.
Who asks about coverage
- Families whose income supports a mortgage and children
- Anyone whose only coverage is through an employer
- People whose existing policy has not been looked at in a decade
- Couples working out whether one policy or two makes sense
Before anything is signed
How much coverage do I need?
It comes from the gap: what your family would need if your income stopped, minus what already exists through work or an existing policy. The number is worked out from your own figures in the first meeting, and it is usually not the one people expect.
Is the coverage through my job enough?
It is worth reviewing. Group coverage is generally a multiple of salary, it usually ends when the employment does, and it is rarely sized to an estate. It is a reason to check the number, not to assume it is covered.
What does the first conversation cost?
Nothing. The first meeting is twenty minutes, in person, by phone or on video, and its only purpose is to work out whether there is anything worth doing. If there is not, he will tell you.
Ehsan Khandaker is a licensed financial and estate planner, CLU and CHS. He is not a lawyer and does not draft documents. This page is general information about Ontario rules, not guidance about your own situation, and a will is drawn up by a lawyer.
Bring your current policy if you have one. Half the work is reading what you already hold.